There is a new multi-month high reached in 10-year Treasuries and the prospects for a greater short-covering event seem heightened. There remains a number of shorts who were encouraged by the price action a week ago today who may more eagerly seek the shelter of the sidelines until some for formidable sell signal is seen.

We should understand that while the volume of trade has been rather lacking, the prospects for greater response to a number of shorts trying to leave the 'room' at the same time might test the integrity of the door frame.